Chinese blockchain network Nervos has committed $30 million in grants fund to support infrastructure development on its permissionless layer one blockchain.
Founded in 2018 by creators of Ethereum mining pool Spark Pool, the public proof-of-work blockchain ecosystem aims to address issues of security and scalability with its two-layer design. In Nov. 2019, Nervos open-sourced its mainnet “Lina” following a $72 million public sale of its native token on Coinlist.
The new grants fund will be used to award development projects focused on client protocols, development environment (IDE), cross-chain interoperability, smart contract language and tooling, and UDT-related ecosystem support, according to a press release. Proposals will be subject to community feedback before decisions are made.
“The blockchain industry is rooted in open source philosophy, so it is incredibly important for us to build an inclusive ecosystem that reflects the visions and contributions of the people in it,” said Nervos co-founder Kevin Wang. “As a bootstrapped, fully open source network, we want to empower anyone who shares a common vision to help build Nervos into a public resource for the decentralized economy.”
Nervos has previously raised $28 million from investors including China Merchants Bank International (CMBI), Polychain Capital, Blockchain Capital, Sequoia China, among others, according to an announcement dated July 2018.
Last year, it secured two major partnerships with CMBI, one of China’s largest state-owned banks, and cryptocurrency exchange Huobi. CMBI is set to leverage Nervos’ network to build decentralized apps related to payments, tokenization, and identity verification, while Huobi hopes to launch its own public blockchain.